Q4 2026 report
Spółka logistyczna specjalizująca się w obsłudze towarów akcyzowych, w 90,43% zależna od XBS Logistics Sp. z o.o., z bardzo konserwatywnym bilansem (kapitał własny = 74,8% sumy bilansowej, brak zadłużenia bankowego).
Sentiment
Neutral
No guidance change
XBS
Q4 2026 report
Revenue
8,886,727 PLN
— YoY
Net income
1,010,616 PLN
— YoY
EBITDA
1,508,968 PLN
— YoY
ROE
30.32%
— YoY
Summary
Investment thesis
- IV kwartał roku obrotowego 2025/2026 przyniósł poprawę r/r (przychody +2,9%, zysk netto +27,6%), ale cały rok obrotowy zakończył się spadkiem przychodów o 9,4% i zysku netto o 29,6% r/r — sama Spółka przyznaje, że Q4 nie zrekompensował słabszych wcześniejszych kwartałów.
- OCF za cały rok obrotowy spadł o 79,4% r/r (7,70 mln zł -> 1,59 mln zł), głównie przez skokowy wzrost należności handlowych (+100,8% r/r) i zapasów (+246,6% r/r) — istotne pogorszenie jakości gotówkowej wyniku.
- Mimo słabego OCF, Spółka wypłaciła 7,2 mln zł dywidendy, co doprowadziło do spadku gotówki o 63,9% r/r (9,5 mln zł -> 3,4 mln zł).
- W trakcie kwartału nastąpiła zmiana na stanowisku Prezesa Zarządu bez podania przyczyny — czynnik governance do obserwacji.
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Financials
BETA
XBS · Q4 2026
| Metric | Q4 2026 | Q4 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 8,886,727 | — | — | reported | — | 1.00 |
| EBITDA | 1,508,968 | — | — | reported | — | 1.00 |
| EBIT | 1,177,077 | — | — | reported | — | 1.00 |
| EBT | 1,802,522 | — | — | reported | — | 1.00 |
| Net income | 1,010,616 | — | — | reported | — | 1.00 |
| D&A | 1,268,360 | — | — | reported | — | 1.00 |
| Interest expense | 13,440 | — | — | reported | — | 1.00 |
| Income tax | 512,639 | — | — | reported | — | 1.00 |
| EBITDA margin | 16.98% | — | — | reported | — | 1.00 |
| EBIT margin | 13.25% | — | — | reported | — | 1.00 |
| Net margin | 11.37% | — | — | reported | — | 1.00 |
| Cash | 9,497,675 | — | — | reported | — | 1.00 |
| Total debt | 172,322 | — | — | reported | — | 0.85 |
| Net debt | -9,325,353 | — | — | derived | — | 0.85 |
| Equity | 20,410,829 | — | — | reported | — | 1.00 |
| Total assets | 26,835,636 | — | — | reported | — | 1.00 |
| Working capital | 13,332,382 | — | — | reported | — | 1.00 |
| Current assets | 18,533,539 | — | — | reported | — | 1.00 |
| Current liabilities | 4,467,039 | — | — | reported | — | 1.00 |
| Non-current liabilities | 1,383,050 | — | — | reported | — | 0.90 |
| Inventory | 534,305 | — | — | reported | — | 1.00 |
| Trade receivables | 8,328,318 | — | — | reported | — | 1.00 |
| Trade payables | 1,184,059 | — | — | reported | — | 0.85 |
| Goodwill | 50,286 | — | — | reported | — | 1.00 |
| CFO | 7,696,220 | — | — | reported | — | 1.00 |
| CapEx | 1,631,445 | — | — | reported | — | 1.00 |
| FCF | 6,064,775 | — | — | derived | — | 1.00 |
| FCF conversion | 53% | — | — | reported | — | 0.90 |
| CFO conversion | 67.25% | — | — | reported | — | 0.90 |
| Dividends paid | 8,200,000 | — | — | reported | — | 1.00 |
| ROE | 30.32% | — | — | reported | — | 0.85 |
| ROIC | 37.35% | — | — | reported | — | 0.70 |
| ROCE | 36.21% | — | — | reported | — | 0.85 |
| Current ratio | 4.15x | — | — | reported | — | 1.00 |
| Quick ratio | 4.03x | — | — | reported | — | 1.00 |
| Cash ratio | 2.13x | — | — | reported | — | 1.00 |
| Interest coverage | 637.8x | — | — | reported | — | 0.90 |
| Debt / equity | 0.01x | — | — | reported | — | 0.85 |
| Debt / assets | 0.01x | — | — | reported | — | 0.85 |
| Net debt / equity | -0.46x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | 2.91% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 37.2% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 51.31% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 27.63% | — | — | reported | — | 1.00 |
Q4 2026 · Δ YoY
Revenue
8,886,727
—
8,886,727
—
- Q4 2025
- —
EBITDA
1,508,968
—
1,508,968
—
- Q4 2025
- —
EBIT
1,177,077
—
1,177,077
—
- Q4 2025
- —
EBT
1,802,522
—
1,802,522
—
- Q4 2025
- —
Net income
1,010,616
—
1,010,616
—
- Q4 2025
- —
D&A
1,268,360
—
1,268,360
—
- Q4 2025
- —
Interest expense
13,440
—
13,440
—
- Q4 2025
- —
Income tax
512,639
—
512,639
—
- Q4 2025
- —
EBITDA margin
16.98%
—
16.98%
—
- Q4 2025
- —
EBIT margin
13.25%
—
13.25%
—
- Q4 2025
- —
Net margin
11.37%
—
11.37%
—
- Q4 2025
- —
Cash
9,497,675
—
9,497,675
—
- Q4 2025
- —
Total debt
172,322
—
172,322
—
- Q4 2025
- —
Net debt
-9,325,353
—
-9,325,353
—
- Q4 2025
- —
Equity
20,410,829
—
20,410,829
—
- Q4 2025
- —
Total assets
26,835,636
—
26,835,636
—
- Q4 2025
- —
Working capital
13,332,382
—
13,332,382
—
- Q4 2025
- —
Current assets
18,533,539
—
18,533,539
—
- Q4 2025
- —
Current liabilities
4,467,039
—
4,467,039
—
- Q4 2025
- —
Non-current liabilities
1,383,050
—
1,383,050
—
- Q4 2025
- —
Inventory
534,305
—
534,305
—
- Q4 2025
- —
Trade receivables
8,328,318
—
8,328,318
—
- Q4 2025
- —
Trade payables
1,184,059
—
1,184,059
—
- Q4 2025
- —
Goodwill
50,286
—
50,286
—
- Q4 2025
- —
CFO
7,696,220
—
7,696,220
—
- Q4 2025
- —
CapEx
1,631,445
—
1,631,445
—
- Q4 2025
- —
FCF
6,064,775
—
6,064,775
—
- Q4 2025
- —
FCF conversion
53%
—
53%
—
- Q4 2025
- —
CFO conversion
67.25%
—
67.25%
—
- Q4 2025
- —
Dividends paid
8,200,000
—
8,200,000
—
- Q4 2025
- —
ROE
30.32%
—
30.32%
—
- Q4 2025
- —
ROIC
37.35%
—
37.35%
—
- Q4 2025
- —
ROCE
36.21%
—
36.21%
—
- Q4 2025
- —
Current ratio
4.15x
—
4.15x
—
- Q4 2025
- —
Quick ratio
4.03x
—
4.03x
—
- Q4 2025
- —
Cash ratio
2.13x
—
2.13x
—
- Q4 2025
- —
Interest coverage
637.8x
—
637.8x
—
- Q4 2025
- —
Debt / equity
0.01x
—
0.01x
—
- Q4 2025
- —
Debt / assets
0.01x
—
0.01x
—
- Q4 2025
- —
Net debt / equity
-0.46x
—
-0.46x
—
- Q4 2025
- —
Revenue growth (YoY)
2.91%
—
2.91%
—
- Q4 2025
- —
EBITDA growth (YoY)
37.2%
—
37.2%
—
- Q4 2025
- —
EBIT growth (YoY)
51.31%
—
51.31%
—
- Q4 2025
- —
Net income growth (YoY)
27.63%
—
27.63%
—
- Q4 2025
- —